Carpediem Capital invests $6 million in Gadgetwood
On-demand repair services and refurbishment company GadgetWood has raised $6 million in funding from Carpediem Capital, an India-focused private equity fund, and its investors, said a company statement on Thursday. Abhishek Sharman, founder and managing director of Carpediem Capital, will join the board of the company as part of the investment.
Founded in 2013 by Jayant Jha, Ankit Saraf and Anmol Gupta, GadgetWood offers repair and support services for mobiles and tablets across all brands. The company also operates in the refurbished device sales markets. The company repairs in excess of 10,000 devices every month and is an authorized service provider for a leading mobile manufacturer, added the statement.
“India is the second largest mobile market globally, having sold 100 million phones last year, thereby creating a significant opportunity to service these devices. We plan to utilize this round of funding towards geographical expansion, creating a nationwide network for servicing mobile devices and selling refurbished products. We intend to establish a presence in 10 cities across the country over the next year and broaden the scope of our repair capabilities to include, laptops, wearable tech and LED TVs,” said Jayant Jha, co-founder and chief executive, GadgetWood.